abrdn plc Has $20.38 Million Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

abrdn plc increased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 57.5% in the fourth quarter, Holdings Channel reports. The firm owned 225,979 shares of the semiconductor company’s stock after buying an additional 82,536 shares during the quarter. abrdn plc’s holdings in Microchip Technology were worth $20,379,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Northern Trust Corp lifted its holdings in Microchip Technology by 1.1% during the third quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company’s stock worth $587,046,000 after acquiring an additional 80,431 shares in the last quarter. Van ECK Associates Corp lifted its holdings in Microchip Technology by 7.8% during the third quarter. Van ECK Associates Corp now owns 4,462,638 shares of the semiconductor company’s stock worth $348,309,000 after acquiring an additional 322,540 shares in the last quarter. Mizuho Markets Americas LLC bought a new position in Microchip Technology during the third quarter worth about $225,800,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Microchip Technology by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,830,397 shares of the semiconductor company’s stock valued at $220,913,000 after purchasing an additional 25,002 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Microchip Technology by 0.5% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,457,152 shares of the semiconductor company’s stock valued at $221,586,000 after purchasing an additional 11,163 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $86.19 on Wednesday. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $94.30. The business’s 50 day moving average price is $86.61 and its two-hundred day moving average price is $84.46. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The company has a market cap of $46.58 billion, a PE ratio of 20.14, a price-to-earnings-growth ratio of 2.55 and a beta of 1.65.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the prior year, the business earned $1.48 earnings per share. The firm’s revenue for the quarter was down 18.6% on a year-over-year basis. On average, analysts predict that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were given a $0.45 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.80 annualized dividend and a dividend yield of 2.09%. Microchip Technology’s dividend payout ratio is presently 42.06%.

Analyst Ratings Changes

MCHP has been the topic of a number of research reports. TD Cowen boosted their price target on Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a report on Friday, February 2nd. UBS Group lowered their target price on Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. Susquehanna reaffirmed a “positive” rating and issued a $100.00 target price on shares of Microchip Technology in a research report on Monday, April 8th. The Goldman Sachs Group lowered their target price on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a research report on Friday, February 2nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research report on Tuesday, January 30th. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $92.50.

Insider Activity

In other news, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the transaction, the director now owns 1,789 shares of the company’s stock, valued at $150,276. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the sale, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the sale, the director now owns 1,789 shares of the company’s stock, valued at $150,276. The disclosure for this sale can be found here. 2.07% of the stock is owned by company insiders.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.